A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrationís effort to nationalize the nationís pension system and to eliminate private retirement accounts including IRAís and 401k plans, NSC is warning.

The hearing, held in the Labor Departmentís main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governmentsí Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administrationís point man on this issue.

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrationís effort to nationalize the nationís pension system and to eliminate private retirement accounts including IRAís and 401k plans, NSC is warning.

The hearing, held in the Labor Departmentís main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governmentsí Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administrationís point man on this issue.

There may be a few far left nut bags in the government who want this. But hell will freeze over before this happens. IRA's and 401k's are not just for the rich. This would affect more than half of America and just would not be politically feasible. This is talk. Nothing more.

But the government can protect us. Look how much money is lost in investments each year. No more evil rich people controlling our investments and stealing our money. The majority have spoken. Obama knows what's in our best interest. He understands us.

There may be a few far left nut bags in the government who want this. But hell will freeze over before this happens. IRA's and 401k's are not just for the rich. This would affect more than half of America and just would not be politically feasible. This is talk. Nothing more.

Ahhh yes....

But isn't this talk similar to how Obama Care got started?

We all know how THAT turned out.

I'm not saying let's go kill all the stupid people...I'm just saying let's remove all the warning labels and let the problem sort itself out.

if the government succeeds in confiscating your private pension and 401K and similar investments this will be reduced to a communist country in all but name as the government will control all wealth, all business investments, all business spending and your very existence, they can then simply tell you what to do, and if you don,t jump high or fast enough cut off all funds or monetary transfers , so you can,t buy anything or go anywhere,, STALIN WOULD BE SO PROUD OF OBAMA

IF YOU CAN,T SMOKE THE TIRES AT WILL,FROM A 60 MPH ROLLING START YOUR ENGINE NEEDS MORE WORK!!"!
IF YOU CAN , YOU NEED BETTER TIRES AND YOUR SUSPENSION NEEDS MORE WORK!!

The Following User Says Thank You to grumpyvette For This Useful Post:

Why do think my motto in life is never do today what you can do tomorrow? Then I never have to do anything...... I can't wait for the government to take over your 401K and give some to me.

They are not going to take care of anyone longer than they have to.
Just to get votes.
Liberals will perish just like the conservatives.
That is the ironic part of communism.
Only the elite survive & prosper.
Liberals will cry the blues later likewise.
Free ride over because all the money$$$$$$$$$$$ is gone.
Stolen......
They sink & swim in whale chit like the rest.

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